Nortel's loss diminishes, sales increase

Networking company Nortel saw its net loss diminish significantly from a year ago as revenue rose 9.7 percent to $3.32 billion, up from $3.03 billion last year. In 2006 the company posted a $2.29 billion loss [1] because of a significant litigation expense, but this time around the company posted a net loss of $80 million. Nortel also restated earnings for 2006, the fourth restatement [2] in recent years, and the revised results showed revenue boosts in the first three quarters by about $24 million. Results for years past were reduced, however. CFO Peter Curie recently surprised the industry and Wall Street when he announced he would step down [3], effective April 30.

For more on Nortel's Q4:
- see this WSJ article [4] (sub. req.)